Common use of PERMITTED WITHDRAWAL BY FELD Clause in Contracts

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Xxxxing has not occurred by the Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Managex xxd as a Member without such withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligaxxxx under the Development Deficit Guaranty or the Operating Deficit Guaranty, and Feld shall be released from any xxxigation hereunder related to the period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any xxxs or payments from the Company or any interest in any property of the Company. Feld shall execute such documenxx xr instruments evidencing his withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld fxxx the Company shall cxxxxitute a default by Feld under this Agreement and XXXC shall be entitled to damages and any other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Xxxxing Closing has not occurred oxxxxred by the Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Managex xxd Manager and as a Member without xxxhout such withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligaxxxx obligation under the Development Deficit Guaranty or the Operating Dexxxxpment Deficit Guaranty, and Feld shall be released from any xxxigation hereunder obligation hereuxxxx related to the period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any xxxs fees or payments from xxxm the Company or any interest in any property of the Company. Feld shall execute such documenxx xr instruments documents or instrumenxx evidencing his withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld fxxx from the Company shall cxxxxitute sxxxx constitute a default by defaulx xx Feld under this Agreement and XXXC WPHC shall be entitled enxxxxed to damages and any other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Xxxxing Closing has not occurred by the Construction Conxxxxction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Managex xxd Manager and as a Member without such withdrawal withdxxxxl (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligaxxxx obligation under the Development Deficit Guaranty Guxxxxty or the Operating Deficit Guaranty, and Feld shall be released from any xxxigation obligation hereunder related to the period xxxiod after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any xxxs fees or payments from the Company or any ox xxy interest in any property of the Company. Feld shall execute such documenxx xr documents or instruments evidencing his withdrawal witxxxxwal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld fxxx from the Company shall cxxxxitute constitute a default dexxxxt by Feld under this Agreement Xxxeement and XXXC WPHC shall be entitled to damages and any xxx other legally available relief based upon such default.

PERMITTED WITHDRAWAL BY FELD. If the Construction Loan Xxxxing has not occurred by the Construction Loan Outside Date, upon not less than ten (10) days prior written notice to WPHC, Feld may withdraw as the Managex xxd as a Member without such withdrawal (a "Permitted Withdrawal") constituting a breach of this Agreement. In the event of a Permitted Withdrawal, Feld shall not have any obligaxxxx under the Development Deficit Guaranty or the Operating Deficit Guaranty, and Feld shall be released from any xxxigation hereunder related to the period after his Withdrawal. Upon a Permitted Withdrawal, Feld shall have no right to any xxxs or payments from the Company or any interest in any property of the Company. Feld shall execute such documenxx xr or instruments evidencing his withdrawal as WPHC may reasonably request. Except for a Permitted Withdrawal or a withdrawal upon the death or disability of Feld, any withdrawal by Feld fxxx the Company shall cxxxxitute coxxxxtute a default by Feld under this Agreement and XXXC shall be entitled to damages and any other legally available relief based upon such default.